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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Tuesday, June 14, 2005, Vol. 8, No. 116

                            Headlines



A U S T R A L I A

ALSHAY PTY: Members, Creditors to Meet June 20
AUSTRAL COAL: Centennial Extends Bid Again
BILL WRIGHT: To Declare Dividend June 21
CANBERRA FLAIR: Opts to Pay Dividend
CCR PTY: Names M.E. Slaven Official Liquidator

DIMBEROY INVESTMENTS: Members Agree to Wind Up Company
EMPEROR MINES: DRD Pledges Constant Support
GRANGEBROOK ENTERPRISES: Members Resolve to Wind Up Company
HIGH TECH TREE: Lays Out Final Meeting Agenda
INTELLIGENT SUPER: Winds Up Voluntarily

LEEWILKOI PTY: Final Meeting Slated for June 17
MAVIS BUSH: Members Pass Wind-up Resolution
MR. FINANCE: Sets Final Meeting June 17
NUNQUAM PTY: Final Meeting Set for June 17
PIONEER MANAGEMENT: Faces Winding Up Proceedings

QANTAS AIRWAYS: Fears SingAir's Secret Agenda
QANTAS AIRWAYS: Offshoot Hits Turbulence in Asia
ROLLER TRUCK: Hires Official Liquidator
SCREENCRAFT MAYNARD: Sets June 17 as Final Meeting Date
SPLOOSH PTY: To Convene Final Meeting June 21

SPORTS ENTERTAINMENT: Radio Staff to Remain Out-of-Pocket
SUPER RELEASE: Members Resolve to Wind Up Company
VOYAGER GROUP: Liquidator to Report Manner of Winding Up
WARRANWOOD HEATING: To Hear Liquidator's Winding Up Report
WESTBUS: Seeing Light at the End of Tunnel

W.F. O'BRIEN: To Declare Final Dividend June 21
WINEORB: Irate Investors Block Liquidator
WMC RESOURCES: BHP Adds More Stake


C H I N A  &  H O N G  K O N G

BANK OF COMMUNICATIONS: Details Global Offering
CHINA CONSTRUCTION: Enjoys US$1.9-Bln Tax Break in 2004
CHINA CONSTRUCTION: Notes Last Day of Dealings
CHINA HANI: Receives Winding Up Order Notice
CITYDATA INVESTMENTS: Set to Appoint Liquidators

FOREGROUND SECURITIES: Creditors' Proofs of Claim Due June 30
FORTUNE CIRCUIT: Court Orders Winding Up
G&N INTERNATIONAL: Enters Winding Up Proceedings
MAN KEE: To Undergo Wind-up Process
PCCW LIMITED: Unveils SEC Form 20-F Report

PROVIEW INTERNATIONAL: Notes Unusual Volume Movement


I N D O N E S I A

GARUDA INDONESIA: Challenged to Make Profit by 2007
PERTAMINA: Government Refuses to Participate in Cepu Row Talks
PERTAMINA: Receives IDR4 Trillion in Fuel Subsidy
PERTAMINA: Inks Exclusive Rights Deal with LNG


J A P A N

55 STATION: Photo Chain Backs Rehab Scheme
JAPAN TOBACCO: To Handover Machinery Business to Tokyokoki
MATSUSHITA ELECTRIC: Launches Blu-ray DVD Drive for PCs
MITSUBISHI MOTORS: Ups Domestic Sales in 2004
NAGOYA RAILROAD: JCR Assigns BBB+ Rating

TAMANO CONSULTANTS: IRCJ Receives Debt Payment in Full


K O R E A

CHOHUNG BANK: 15 Employees Face Sanctions for Embezzlement
HYNIX SEMICONDUCTOR: S&P Assigns 'B+' Rating


M A L A Y S I A

AKTIF LIFESTYLE: Auditors Issue Financial Report Qualification
ANCOM BERHAD: Repurchases More Shares
BELL & ORDER: Unit Receives Seizure, Sale Order by Creditors
BELL & ORDER: Resolves Defaults with Scheme of Arrangement
COMMERCE INTERNATIONAL: Set to List Additional Shares Today

PADIBERAS NASIONAL: Granted Listing of Extra Shares
PANTAI HOLDINGS: Posts Shares Buy Back Notice


P H I L I P P I N E S

BENPRES HOLDINGS: Mulls Disposal of Stakes in 3 Subsidiaries
CAMP JOHN: Three Groups Eye Ecozone
COLLEGE ASSURANCE: No New Funds May Prompt SEC Takeover
GREENSQUARE PROPERTIES: SEC Imposes Fine, Revokes Permit
NATIONAL POWER: Creditors Hold on to Masinloc

NATIONAL POWER: ADB Clears Position on Masinloc Sale
NITOKA INDUSTRIAL: Faces Smuggling, Tax Evasion Raps


S I N G A P O R E

CHANGHE INTERNATIONAL: Court Schedules Winding Up Hearing July 1
CHINA AVIATION (S): Former Chief Posts SG$2-Mln Bail
CLIFFORD GALLERIES: Proofs of Debt Due August 10
HEALTH MANNA: Court to Hear Wind-up Petition July 1
JAYA HOLDINGS: Updates Transaction with Sime Darby

JAYA HOLDINGS: New Contracts Won't Affect Financial Results
LOGIC AUTOMATION: Winding Up Hearing Set for July 1
WANT WANT HOLDINGS: Clarifies Profit Guidance Report
WEE POH: SGX-ST OKs Listing, Quotation of Compensation Shares


T H A I L A N D

CHRISTIANI & NIELSEN: Wraps Up Rehabilitation Plan
DON MUANG: Debt-Restructuring Deal Hits Snag
HANTEX: Seeks Extension for Submission of FS
HANTEX: Halts Production Facility
PAE THAILAND: Major Shareholder Sells Stakes

BOND PRICING: For the Week 13 June to 17 June 2005

     -  -  -  -  -  -  -  -

=================
A U S T R A L I A
=================

ALSHAY PTY: Members, Creditors to Meet June 20
----------------------------------------------
Notice is hereby given that the final meeting of the creditors
and members of Alshay Pty Limited (In Liquidation) will be held
at the offices of Jones Condon Chartered Accountants, Level 1,
34 Charles Street, Parramatta NSW, on June 20, 2005 at 10:30
a.m., for the purpose of laying before the meeting an account
showing how the winding up has been conducted and the property
of the company has been disposed and giving any explanation
thereof.

Dated this 3rd day of May 2005

Schon G. Condon RFD
Liquidator
c/- Jones Condon
Chartered Accountants
Telephone: (02) 9893 9499


AUSTRAL COAL: Centennial Extends Bid Again
------------------------------------------
Centennial Coal has again extended its offer for rival Austral
Coal, according to The Advertiser.

In a notice lodged with the Australian Stock Exchange, the firm
on Friday said it would extend the offer until June 24.

Centennial, one of NSW biggest coal miners, now holds 85.38
percent of Austral. The miner launched its friendly takeover of
Austral on March 2, and gained control of the firm on April 7.

But Centennial's bid for full ownership was thwarted in April,
when Glencore took a 14 percent stake in Austral.

CONTACT:

Austral Coal Limited
ACN 069 071 816
Level 18, 25 Bligh Street Sydney
NSW 2000 Australia
Telephone: 61+02+8256-4700
Facsimile: 61+02+9235-0997
E-mail: info@austcoal.com.au
Web site: http://www.austcoal.com.au


BILL WRIGHT: To Declare Dividend June 21
----------------------------------------
A First and Final dividend is to be declared on June 21, 2005
for Bill Wright (Taree) Pty Limited (In Liquidation).

Creditors who were not able to prove their debt or claims will
be excluded from the benefit of the dividend.

Dated this 17th day of May 2005

R. J. Porter
Official Liquidator
Moore Stephens PMN
Level 6, 460 Church Street,
Parramatta NSW 2150


CANBERRA FLAIR: Opts to Pay Dividend
------------------------------------
A first interim dividend is to be declared on Friday, July 15,
2005 for Canberra Flair Pty Limited (In Liquidation).

Creditors who were not able to prove their debts or claims will
be excluded from the benefit of the dividend.

Dated this 17th day of May 2005

W. B. Rangott
Liquidator
Rangott & Slaven
Level 3, Engineering House,
11 National Circuit,
Barton ACT 2600
Telephone: (02) 6285 1430
Facsimile: (02) 6281 1966


CCR PTY: Names M.E. Slaven Official Liquidator
----------------------------------------------
Notice is hereby given that at a general meeting of the sole
member of CCR Pty Limited (In Liquidation), held on May 3, 2005,
it was resolved that the company be wound up voluntarily and
that I be appointed Liquidator.

Dated this 17th day of May 2005

M. E. Slaven
Liquidator
Rangott & Slaven
Unit 2, Level 3,
Engineering House,
11 National Circuit
Barton ACT 2600
Telephone: (02) 6285 1430
Facsimile: (02) 6281 1966


DIMBEROY INVESTMENTS: Members Agree to Wind Up Company
------------------------------------------------------
Notice is hereby given that at a general meeting of the members
of Dimberoy Investments Pty Ltd (In Liquidation) held on May 4,
2005, it was resolved that the company be wound up voluntarily
and that, N. W. Newbould, Chartered Accountant of Armstrong
Wily, Chartered Accountants, Level 5, 75 Castlereagh Street,
Sydney NSW 2000 be nominated to act as Liquidator for the
purpose of the winding up.

Dated this 4th day of May 2005

N. W. Newbould
Liquidator
Armstrong Wily
Chartered Accountants
Level 5, 75 Castlereagh Street,
Sydney NSW 2000


EMPEROR MINES: DRD Pledges Constant Support
-------------------------------------------
South African firm DRD Gold has affirmed it will continue its
financial and management support for ailing Emperor Mines, The
Australian says.

DRD might not decide to make another takeover bid for Emperor
after failing to win full control of the Australian firm, DRD
said it will help sort out the serious problems at Emperor's
Vatukoula mine.

Emperor managing director Mark Wellesley-Wood, 75 percent of
whose salary is paid by DRD, confirmed DRD is not walking away.
He also declared that he will carry on as a part-time director
for Emperor since the firm still cannot afford to hire a full-
time CEO.

Emperor has forecast an AU$18 million loss for the year ending
this month, as the company has been hit by high oil prices and
growing absenteeism among its Fijian workforce, as well as
equipment failures.

The Company has also abandoned plans to mine 800,000 tonnes of
ore for a year for 180,000 ounces (oz.) of gold. Instead, it
will target high-grade ore only, mining 650,000 tonnes to
produce 145,000 oz.

Emperor has also asked the Fijian Government to suspend its 3
percent gold tax until oil falls below US$40 a barrel.

CONTACT:

Emperor Mines Limited
Suite 303, Level 3
50 Margaret Street,
Sydney NSW 2000
Australia
Phone: +61 2 9299 7422
Fax: +61 2 9299 7433
E-mail: emperor@emperor.com.au
Web site: http://emperor.com.au


GRANGEBROOK ENTERPRISES: Members Resolve to Wind Up Company
-----------------------------------------------------------
By Special Resolution of a meeting of Shareholders of
Grangebrook Enterprises Pty Limited (In Liquidation) held on
Tuesday, May 3, 2005 it was resolved that the Company be wound
up and by an Ordinary Resolution of creditors held on the same
day the undersigned was appointed Liquidator.

Dated this 3rd day of May 2005

William James Hamilton
Liquidator
c/- Hamiltons
Chartered Accountants
Level 17, 25 Bligh Street,
Sydney NSW 2000
Telephone: (02) 9232 6611
Facsimile: (02) 9232 6166


HIGH TECH TREE: Lays Out Final Meeting Agenda
---------------------------------------------
Notice is hereby given that a final combined meeting of the
members and creditors of High Tech Tree Services Pty Limited (In
Liquidation) will be held at the offices of Knights Insolvency
Administration, Level 3, United Overseas Bank Building, 32
Martin Place, Sydney on June 22, 2005 at 10:00 a.m.

AGENDA

(1) To receive an account made up by the Liquidator showing how
the winding up has been conducted and how the property of the
company has been disposed of, and to receive any explanation
required thereof.

(2) Any other business which may be lawfully considered.

Dated this 4th day of May 2005

Adrian Duncan
Liquidator
Level 3, United Overseas Bank Building,
32 Martin Place, Sydney NSW 2001


INTELLIGENT SUPER: Winds Up Voluntarily
---------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of Intelligent Super Pty Limited (In Liquidation)
held on April 26, 2005, it was resolved that the company be
wound up voluntarily and at a meeting of creditors held on the
same day it was resolved that for such purpose, Paul William
Gidley of Lawler Partners, Chartered Accountants, 763 Hunter
Street, Newcastle West NSW 2302 be appointed Liquidator.

Dated this 2nd day of May 2005

P. W. Gidley
Liquidator
Lawler Partners
Chartered Accountants
763 Hunter Street,
Newcastle West NSW 2302


LEEWILKOI PTY: Final Meeting Slated for June 17
-----------------------------------------------
Notice is hereby given that a Final Meeting of creditors and
members of Leewilkoi Pty Ltd (In Liquidation), will be held at
the offices of O'Keeffe Walton Richwol, on June 17, 2005 at 2:45
p.m. for the purpose of laying before the meeting an account of
the liquidator's costs and dealings and the conduct of the
winding up.

Dated this 26th day of April 2005

O'Keeffe Walton Richwol
Liquidator
Suite 3, 431 Burke Road,
Glen Iris
Telephone: (03) 9822 9823


MAVIS BUSH: Members Pass Wind-up Resolution
-------------------------------------------
At a general meeting of the members of Mavis Bush & Co Pty
Limited (In Liquidation) duly convened and held at RSM Bird
Cameron 109 Lydiard Street, North Ballarat, Victoria on April
21, 2005 the special resolution set out below was duly passed:

That the Company be wound up voluntarily.

Dated this 5th day of May 2005

Frank Lo Pilato
Liquidator
RSM Bird Cameron Partners
Level 1, 103-105 Northbourne Avenue,
Turner ACT 2612
Telephone: (02) 6247 5988


MR. FINANCE: Sets Final Meeting June 17
---------------------------------------
Notice is hereby given that a Final Meeting of creditors and
members of Mr. Finance Pty Ltd (In Liquidation), will be held at
the offices of O'Keeffe Walton Richwol, on June 17, 2005 at
11:00 a.m. for the purpose of laying before the meeting an
account of the liquidator's costs and dealings and the conduct
of the winding up.

Dated this 26th day of April 2005

O'Keeffe Walton Richwol
Liquidator
Suite 3, 431 Burke Road,
Glen Iris
Telephone: (03) 9822 9823


NUNQUAM PTY: Final Meeting Set for June 17
------------------------------------------
Notice is hereby given that a Final Meeting of creditors and
members of Nunquam Pty Ltd (In Liquidation), will be held at the
offices of O'Keeffe Walton Richwol, on June 17, 2005 at 4:15
p.m. for the purpose of laying before the meeting an account of
the liquidator's costs and dealings and the conduct of the
winding up.

Dated this 26th day of April 2005

O'Keeffe Walton Richwol
Liquidator
Suite 3, 431 Burke Road,
Glen Iris
Telephone: (03) 9822 9823


PIONEER MANAGEMENT: Faces Winding Up Proceedings
------------------------------------------------
On May 2, 2005 the Supreme Court of New South Wales, Equity
Division, made an Order that Pioneer Management Pty Limited be
wound up and appointed R. J. Porter as Official Liquidator.

R. J. Porter
Official Liquidator
Moore Stephens PMN
Chartered Accountants
Level 6, 460 Church Street,
Parramatta NSW 2150


QANTAS AIRWAYS: Fears SingAir's Secret Agenda
---------------------------------------------
Qantas Airways is concerned that Singapore Airlines' (SingAir)
plans to enter the lucrative Sydney to Los Angeles route could
be part of a long-term strategy by the Asian carrier to drive
Qantas out of business, says the Sydney Morning Herald.

With Federal Cabinet expected to make a decisions as early as
this week on whether to grant Singapore Air access to the route,
Qantas voiced its concern about the growing influence of
government-owned airlines like SingAir and Dubai's Emirates.

"They would like to see the back of Qantas and take this market
for themselves, with the consequent loss of the 38,000 jobs in
Australia that we've got," Qantas chief financial officer Peter
Gregg.

According to Mr. Gress, the public needed to note that the
"uneven" advantages Singapore Air had over Qantas, such as its
lower corporate taxes, lower labor costs and the effect
government-owned foreign airlines could have on the Australian
aviation sector if they were granted more access to Australian
routes.

In response to a report commissioned by Singapore Air which
claimed the lack of competition on the US air route was costing
Australia $126 million a year in lost tourist revenue, Mr. Gregg
said: "For them to come and address one route in our network as
being of paramount importance to them when we provide so many
other routes to network Australia to the rest of the world is a
question that needs to be considered."

"Why is that so? It's so because they believe they can produce a
higher return. It's called cherry picking."

Claiming largely government-owned carriers such as Singapore Air
did not have the pressure to return high levels of dividends to
shareholders, Mr. Gregg said: "They drop their return with the
sole aim of driving commercial airlines out of business."

Singapore Air spokesman Stephen Foreshaw said Qantas's comments
were "sounding increasingly desperate".

CONTACT:

Qantas Airways
Qantas Centre, Level 9,
Building A, 203 Coward Street,
Mascot, NSW, Australia, 2020
Head Office Telephone: (02) 9691 3636
Head Office Fax: (02) 9691 3339
Web site: http://www.qantas.com


QANTAS AIRWAYS: Offshoot Hits Turbulence in Asia
------------------------------------------------
Qantas Airways has recently failed to give any clear assurances
on how long it will continue to back its struggling Singapore
offshoot, Jetstar Asia, according to the Sydney Morning Herald.

Qantas admitted it is still struggling to recover its investment
in Jetstar, despite the carrier in Singapore having managed to
lease out four of its unused Airbus 320s.

Qantas chief financial officer Peter Gregg said Jetstar's
performance had improved amid growing speculation that Qantas
and other major shareholders could soon dissolve the loss-making
airlines.

Jetstar's problems reportedly stemmed from its inability to gain
access to crucial markets such as Indonesia and China.

Jetstar was only given certificates to land between three and
four aircraft. It was to have eight aircraft in its fleet by
November but, thanks to traffic restrictions, it has been forced
to lease four of the Airbus A320s to the Turkish carrier
AtlasJet.

Mr. Gregg also highlighted Jetstar Asia's woes as evidence of a
lack of balance in Singapore Airlines' argument for wanting to
gain access to the lucrative Sydney to Los Angeles route.

The airline's other investors include the Singapore Government's
investment company Temasek Holdings, which is Singapore
Airlines' major shareholder.


ROLLER TRUCK: Hires Official Liquidator
---------------------------------------
Notice is hereby given that at a creditors meeting of Roller
Truck Pty Ltd (In Liquidation) held on May 2, 2005 it was
resolved that the company be wound up voluntarily and for such
purpose Sule Arnautovic, of Jirsch Sutherland Chartered
Accountants was appointed Liquidator.

Dated this 2nd day of May 2005

Sule Arnautovic
Liquidator
Jirsch Sutherland
Chartered Accountants
Level 2, 84 Pitt Street,
Sydney NSW 2000
Telephone: (02) 9233 2111
Facsimile: (02) 9233 2144


SCREENCRAFT MAYNARD: Sets June 17 as Final Meeting Date
-------------------------------------------------------
Notice is hereby given that a Final Meeting of creditors and
members of Screencraft Maynard Pty Ltd (In Liquidation), will be
held at the offices of O'Keeffe Walton Richwol, on June 17, 2005
at 3:00 p.m. for the purpose of laying before the meeting an
account of the liquidator's costs and dealings and the conduct
of the winding up.

Dated this 26th day of April 2005
O'Keeffe Walton Richwol
Liquidator
Suite 3, 431 Burke Road,
Glen Iris
Telephone: (03) 9822 9823


SPLOOSH PTY: To Convene Final Meeting June 21
---------------------------------------------
Notice is hereby given that pursuant to section 509 of the
Corporations Law, the final Meeting of Members of Sploosh Pty
Limited (In Liquidation) will be held at the offices of Pears &
Co, Chartered Accountants of Suite 3, 24 Ross Street, North
Parramatta on June 21, 2005 at 10:00 a.m., for the purpose of
laying before the meeting the liquidators' final account and
report and giving any explanation thereof.

Dated this 5th day of May 2005

Alan Douglas Charles Pears
Liquidator


SPORTS ENTERTAINMENT: Radio Staff to Remain Out-of-Pocket
---------------------------------------------------------
The radio personalities of the failed Sports Entertainment
Network (SEN) are most unlikely to get paid, as creditors
claimed they cannot guarantee the station will survive, reports
the Herald Sun.

The first creditors' meeting told management companies who
represent the station's high-profile talents that there is
simply no money to pay its staff for the past three months.

Several personalities and production staff haven't been paid for
the past three months and won't be able to get any compensation.

But it is understood that some employees, including celebrities
like Billy Brownless and Tim Watson, have assured to stick with
the station.

Experienced Sydney radio administrator George Bushman has been
brought in to oversee operations and to advise new owner Pacific
Star where it can save money and which presenters it should
keep.

The six-figure sums that the radio celebrities earn will be
revised and are expected to be scaled down once Bushman's review
is completed.

SEN has reportedly generated around AU$3.5 million in revenue
this financial year, while the failed Adelaide operation brought
in AU$350,000. But outgoings have totaled about AU$7 million,
delivering a loss across the two operations of AU$3 million.

SEN was placed in receivership last month and its Adelaide
operation has been shut down.

Creditors are set to meet at the end of the month.

CONTACT:

Sports Entertainment Network
473 - 479 Swan St.
Richmond, Victoria, 3121
Phone: 8420 1116
Fax: 8420 1144
Web site: http://www.3ak.com.au/


SUPER RELEASE: Members Resolve to Wind Up Company
-------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of Super Release Pty Limited (In Liquidation) held on
April 26, 2005 it was resolved that the company be wound up
voluntarily and at a meeting of creditors held on the same day
it was resolved that for such purpose, Paul William Gidley of
Lawler Partners, Chartered Accountants, 763 Hunter Street,
Newcastle West NSW 2302 be appointed Liquidator.

Dated this 2nd day of May 2005

P. W. Gidley
Liquidator
Lawler Partners
Chartered Accountants
763 Hunter Street,
Newcastle West NSW 2302


VOYAGER GROUP: Liquidator to Report Manner of Winding Up
--------------------------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
that a joint meeting of the members and creditors of Voyager
Group Pty Limited (In Liquidation) will be held at the offices
of Lawler Partners 763 Hunter Street Newcastle West NSW 2302 on
Thursday, June 16, 2005 at 10:00 a.m. for the purpose of having
an account laid before them showing the manner in which the
winding up has been conducted and the property of the company
disposed of and hearing any explanations that may be given by
the Liquidator.

Dated this 10th day of May 2005

R. G. Tolcher
Liquidator
Lawler Partners
Chartered Accountants
763 Hunter Street,
Newcastle West NSW 2302


WARRANWOOD HEATING: To Hear Liquidator's Winding Up Report
----------------------------------------------------------
Notice is hereby given that a Final Meeting of creditors and
members of Warranwood Heating & Cooling Pty Ltd (In Liquidation)
will be held at the offices of O'Keeffe Walton Richwol, on June
17, 2005 at 12:30 p.m. for the purpose of laying before the
meeting an account of the liquidator's costs and dealings and
the conduct of the winding up.

Dated this 26th day of April 2005

O'Keeffe Walton Richwol
Liquidator
Suite 3, 431 Burke Road,
Glen Iris
Telephone: (03) 9822 9823


WESTBUS: Seeing Light at the End of Tunnel
------------------------------------------
Cash-strapped Westbus is seeing a clearer future as the Carr
Government steps up effort to regulate private bus operators,
according to the Daily Telegraph.

The Transport Ministry was authorized to call the shots at 800
private bus companies around NSW under a new surprise
legislation tabled June 8.

The so-called "step-in" laws pave the way for the Director
General of Transport to run a bus company for up to a year to
ensure services are maintained in times of financial or
contractual strife.

The introduction of the Bill follows a string of conflicts with
private bus companies over contract negotiations.

Westbus went into voluntary administration with debts of AU$90
million in February after failing to renegotiate a loan.

CONTACT:

Westbus Pty Ltd
Level 12, 100 George Street
Parramatta, NSW 2150
Web site: http://www.westbus.com.au


W.F. O'BRIEN: To Declare Final Dividend June 21
-----------------------------------------------
A final dividend is to be declared for W.F. O'Brien Holdings Pty
Limited (In Liquidation) on June 21, 2005.

Creditors who were not able to pay their debts or claims will be
excluded from the benefit of the dividend.

Dated this 4th day of May 2005

K. R. Buttenshaw
Liquidator
c/- PDY Partners Pty Limited
Level 6, 54 Miller Street,
North Sydney NSW 2060


WINEORB: Irate Investors Block Liquidator
-----------------------------------------
The liquidator of failed investment fund WineOrb has been
prevented by some 100 disgruntled investors from issuing a court
order to get ownership of 162,500 bottles of fine wine, The
Australian says.

Peter Ngan has asked investors to grant him a "pooling" order
that would have given him, as liquidator, ownership of the AU$8-
million worth of wine.

But creditors opted to block Mr. Ngan's proposal after a fiery
meeting amid claims of insolvent trading by WineOrb directors,
vanishing wine stocks, wine being sold twice over and a dearth
of company records. Instead, they voted for Mr. Ngan to apply to
the NSW Supreme Court for a deadline for all claims for wine to
be submitted against the failed fine wine merchant.

In a meeting last week, which was attended by around 7000
investors, Mr. Ngan declared Wineorb had paid a total of about
AU$11 million for premium wines, many of which had since gone
missing. WineOrb stored the wine on their behalf, for a fee,
with a view to selling it for a profit in the future.

"The records are in a very poor state," Mr. Ngan said. "There
were no records of sales and the company's records were so bad,
so unreliable, that we had to reconstruct a lot of things on a
piecemeal basis."

He conceded that he and co-liquidator Greg Park of Ngan & Co had
huge problems reconciling ownership of the wine. He also claimed
there were many other discrepancies.

WineOrb collapsed in January this year, leaving premium wine in
storage facilities in Sydney and Melbourne. The rival sales
group from which Wine Orb was spawned, Heritage Fine Wines, went
under administration weeks later, leaving AU$60 million of
vintage elite Australian brands stranded in warehouses.

CONTACT:

WineOrb Pty Ltd
Los Vagas Hotel, Unit 1, 54 Darlinghurst Road,
Potts Point, NSW, 2011
Telephone: +61 (02) 9357 1288
Fax: +61 (02) 9357 1644
E-mail: enquiries@wineorb.com.au
Web site: http://www.wineorb.com.au


WMC RESOURCES: BHP Adds More Stake
----------------------------------
BHP Billiton has again raised its stake in takeover target WMC
Resources to 81.16 percent, The Australian relates.

BHP Billiton has extended its AU$9.2 billion offer to June 17
and has urged WMC shareholders to accept the AU$7.85 per share
on offer.

The Company has said it plans to gain a 90 percent stake in WMC,
which would allow it to compulsorily acquire the remaining
shares.

BHP Billiton has wasted no time making its mark at WMC Resources
after winning majority control of the miner.

WMC Chief Executive Andrew Michelmore was one of the first of
more than 200 planned redundancies. BHP this week appointed
Chris Campbell as interim CEO at WMC, while BHP Executive
Director Mike Salamon was named WMC Chairman and Business
Performance Manager Brendan Rudd was made interim chief
financial officer.

WMC mining operations staff will be retained, but BHP says it is
aiming to sack up to 230 workers from WMC's corporate division,
which is about a third of the staff, as it merges the new
acquisition into its own operations.

About 330 corporate positions would be relocated from WMC's
Melbourne headquarters closer to the mine assets relevant to
their jobs, although it would be up to the individual worker to
decide whether to move.

CONTACT:

WMC Resources Limited
Level 16, IBM Centre, 60 City Rd.
Southbank, Vic. 3006
Telephone: +61 (0)3 9685 6000
Facsimile: +61 (0)3 9686 3569
Web site: http://www.wmc.com/


==============================
C H I N A  &  H O N G  K O N G
==============================

BANK OF COMMUNICATIONS: Details Global Offering
-----------------------------------------------
The Bank of Communications announced the details of its global
offering on June 13, 2005.

Number of Offer Shares under Global Offering: 5,855,626,000
(subject to adjustment and the Over-allotment Option)

Number of Hong Kong Offer Shares: 292,782,000 (subject to
adjustment)

Maximum Offer Price: HK$2.55 per Hong Kong Offer Share payable
in full on application in Hong Kong dollars, subject to refund,
plus 1% brokerage, SFC transaction levy of 0.005%, investor
compensation levy of 0.002% and a Hong Kong Stock Exchange
trading fee of 0.005%

Nominal value: RMB1.00 each

For more information,
http://bankrupt.com/misc/tcrap_bocom061305.pdf

By order of the Board
Jiang Chaoliang
Chairman of the Board

CONTACT:

Bank of Communications
20 Pedder Street, Central, Hong Kong
E-mail: enquiry@bankcomm.com.hk
Web site: http://www.bankcomm.com.hk


CHINA CONSTRUCTION: Enjoys US$1.9-Bln Tax Break in 2004
-------------------------------------------------------
The China Construction Bank received a tax break of CNY15.47
billion (US$1.87 billion) last year from the government to
improve the bank's capital based, the South China Morning Post
reports.

The bank has been using part of its profits to write off bad
loans to get ready for a stock listing expected this year.

The Company's pretax profit had risen 34 percent last year to
CNY50.2 billion and non-interest income had jumped 57.3 percent
to CNY10.6 billion.

CONTACT:

China Construction Bank
25 Finance St.
Beijing, 100032, China
Phone: +86-10-6759-7114
Fax: +86-10-6360-3194
Web site: http://www.ccb.cn/portal/cn/home/index.html


CHINA CONSTRUCTION: Notes Last Day of Dealings
----------------------------------------------
Market participants are requested to note that dealings in the
Floating Rates Notes due June 2005 issued by China Construction
Bank will cease after the close of business on Wednesday, June
15, 2005.

The listing of such noted will be withdrawn after the close of
business on Monday, June 20, 2005.


CHINA HANI: Receives Winding Up Order Notice
--------------------------------------------
China Hani Estate Company Limited with registered office located
at Flat A, 2nd Floor, Lai Sing Building, 13-19 Sing Woo Road,
Happy Valley, Hong Kong was issued a winding up notice by the
High Court of the Hong Kong Special Administrative Region Court
of First Instance on June 1, 2005.

Date of Presentation of Petition: March 31, 2005

Dated this 10th day of June 2005.

Lee Mei Yee May
Acting Official Receiver


CITYDATA INVESTMENTS: Set to Appoint Liquidators
------------------------------------------------
Citydata Investments Limited (In Compulsory Liquidation) hereby
gives notice that pursuant to Rule 45 (2) Companies Winding-up
Rules, Companies Ordinance (Cap. 32) the Court has fixed on
Monday, June 20, 2005 005 at 9:30 a.m. (with 30 minutes
reserved) for the Court to consider the Application of the
Provisional Liquidators for the Appointment of Liquidators
before Master S. Kwang sitting at High Court, No. 38 Queensway,
Hong Kong.

Dated this 10th day of June, 2005

Ho Kwan Yiu, Junius
Ho Wai Fung
Joint and Several Provisional Liquidators of
Citydata Investments Limited


FOREGROUND SECURITIES: Creditors' Proofs of Claim Due June 30
-------------------------------------------------------------
Notice is hereby given that the creditors of Foreground
Securities Company Limited (In Members' Voluntary Liquidation),
which is being wound up by the Court, are required on or before
4:30 p.m.on June 30, 2005 to send in their names, addresses and
particulars of their debts or claims, and the name and address
of their solicitors, if any, to the Offical Receiver's Office at
10th Floor, Queensway Government Offices, 66 Queensway, Hong
Kong and to establish any title they may have to priority under
Section 265 of the Companies Ordinance.

In default thereof, they will be excluded from the benefit of
the distribution made next after 30th June 2005 as the case may
be from objecting to such distribution.

Dated this 10th day of June 2005

Joseph Lo Kin Ching
Dermot Agnew
Joint and Several Liquidators
26th Floor, Wing On Centre
111 Connaught Road Central
Hong Kong


FORTUNE CIRCUIT: Court Orders Winding Up
----------------------------------------
Fortune Circuit Limited with registered office located at Flat
D, 10/F, Mai Shun Industrial Building, 18-24 Kwai Cheong Road,
Kwai Chung, New Territories was issued a winding up notice by
the High Court of the Hong Kong Special Administrative Region
Court of First Instance on June 1, 2005.

Date of Presentation of Petition: March 31, 2005

Dated this 10th day of June 2005.

Lee Mei Yee May
Acting Official Receiver


G&N INTERNATIONAL: Enters Winding Up Proceedings
------------------------------------------------
G&N International Limited with registered office located at Room
1406-13, Park-In Commercial Centre, 56 Dundas Street, Mongkok,
Kolon was issued a winding up notice by the High Court of the
Hong Kong Special Administrative Region Court of First Instance
on June 1, 2005.

Date of Presentation of Petition: March 21, 2005

Dated this 10th day of June 2005.

Lee Mei Yee May
Acting Official Receiver


MAN KEE: To Undergo Wind-up Process
-----------------------------------
Man Kee Plumbing & Drainage Works Limited with registered office
located at Shop F, G/F, Sun Ho Building, 273A Sai Yeung Choi
Street North, Kolon was issued a winding up notice by the High
Court of the Hong Kong Special Administrative Region Court of
First Instance on June 1, 2005.

Date of Presentation of Petition: March 31, 2005

Dated this 10th day of June 2005.

Lee Mei Yee May
Acting Official Receiver


PCCW LIMITED: Unveils SEC Form 20-F Report
------------------------------------------
PCCW Limited disclosed its SEC Form 20-F for the year ended
December 31, 2004, which was dispatched to the holders of
American Depositary Receipts on June 10, 2005 in compliance with
the New York Stock Exchange Listed Company Manual.

The content of the Summary Report is extracted from the
Company's annual report on Form 20-F as filed with the
Securities and Exchange Commission of the United States on May
12, 2005.

For more information go to,
http://bankrupt.com/misc/tcrap_pccw061305.pdf


PROVIEW INTERNATIONAL: Notes Unusual Volume Movement
----------------------------------------------------
The Stock Exchange of Hong Kong has received a message from
Proview International Holdings Limited, which is reproduced as
follows:

"This statement is made at the request of The Stock Exchange of
Hong Kong Limited.

The Board of Directors of Proview International Holdings Limited
has noted the recent increase in the trading volume of the
shares of the Company and wishes to state that the Board is not
aware of any reasons for such increase.

Saved as disclosed in the announcement of the Company dated 9
June 2005, the Board also confirms that there are no
negotiations or agreements relating to intended acquisitions or
realizations which are disclosable under rule 13.23 of the Rules
Governing the Listing of Securities on the Stock Exchange (the
Listing Rules), neither is the Board aware of any matter
disclosable under the general obligation imposed by rule 13.09
of the Listing Rules, which is or may be of a price-sensitive
nature.

Made by the order of the Board of the Company the directors of
which individually and jointly accept responsibility for the
accuracy of this statement."

By order of the Board
Proview International Holdings Limited
Wong Kui-ming, Luffer
Executive Director
Hong Kong, 10 June, 2005"

CONTACT:

Proview International Holdings Limited
1901, 19/F Tower 1 Enterprise Square
9 Sheng Yuet Rd. Kowloon Bay
Kowloon, Hong Kong
Phone: 27502228
Fax: 27502230
Web site: http://www.irasia.com/listco/hk/proview


=================
I N D O N E S I A
=================

GARUDA INDONESIA: Challenged to Make Profit by 2007
---------------------------------------------------
Indonesia's President Susilo Bambang Yudhoyono has dared
troubled airline PT Garuda Indonesia's president director to
make the firm profitable within two years, Antara News reports.

The challenge was issued after Pres. Yudhoyono launched a
government program to revive Indonesia's agricultural, fishery
and forestry industry, and a fishery businesswoman complained
that the cost of exporting her merchandise to Europe was too
high.

Garuda Indonesia suffered a whopping net loss of IDR600 billion
last year. At present, it has an IDR8 billion debt.

Pres. Yudhoyono addressed other financially troubled state-owned
companies to take up the challenge, saying it would be better to
liquidate the firms if the losses were to continue.

The president said his administration will fight the social
disease of collusion, corruption and nepotism, which is
affecting air, land and sea transportation rates.

CONTACT:

PT Garuda Indonesia
Garuda Indonesia Bldg.,
Jalan Merdeka Selatan No. 13
Jakarta, 10110, Indonesia
Phone: +62-21-231-0082
Fax:   +62-21-231-1679
Web site: http://www.garuda-indonesia.com


PERTAMINA: Government Refuses to Participate in Cepu Row Talks
--------------------------------------------------------------
The House of Representatives has said that it has no plans to
get involved in the ongoing negotiations between PT Pertamina
and ExxonMobil to settle a long-standing dispute on the
development of oil reserves in Cepu, reports the Jakarta Post.

A special negotiating team comprised of Pertamina and government
officials had been formed last week to speed up negotiations
between the two firms.

According to Mr. Agusman Effendi, chairman of the House's
Commission VII for energy and mineral resources, the house just
wants to know who the team represents, since it was not clear
whether the team would act for Pertamina or the government.

Mr. Effendi said that the House merely wants to make sure that
all parties involved benefit from the negotiations, and ensure a
speedy conclusion so as to increase the country's fuel output.

Negotiations between the special team and ExxonMobil reached a
climax when the House (of Representatives) said it would oppose
any result from the talks, saying that the formation of the team
was "questionable".

Vice President Kalla said that legislators should not interfere
with negotiations, as the process was "part of the government's
domain."

U.s. firm ExxonMobil was awarded a contract by Pertamina to
develop oil reserves in a gas block in Cepu, and wanted to
extend its contract beyond 2010 when it discovered an additional
250 million barrels of oil reserves. Pertamina refused to extend
the contract based on legislators' opposition and a strike from
workers of a Pertamina unit.

In exchange for an extension of the contract, the government is
offering a 15% stake in the contractor-allocation split, which
is being discussed by ExxonMobil and PT Pertamina.

CONTACT:

PT Pertamina Tbk
Jalan Merdeka, Timur No. 1 A
Jakarta 10110
Indonesia
Phone: (62)(21) 3815111
Fax:   3846865/ 3843882
Web site: http://www.pertamina.com


PERTAMINA: Receives IDR4 Trillion in Fuel Subsidy
-------------------------------------------------
PT Pertamina received IDR4 trillion from the Indonesian
government last week to cover fuel imports and local fuel
supply, the Jakarta Post reports.

Company President Mustiko Saleh said the fuel subsidy was
disbursed on June 10. But despite the latest disbursement, the
firm said it still needed to borrow money for the Company's
activities.

The oil and gas firm must ensure that local fuel supply is
sufficient for 20 days. At present, domestic fuel stock is good
for 18 days, while the ideal supply should last 22 days.

Company Finance Director Alfred Rohimone said that the Company
is seeking to borrow as much as IDR4.8 trillion to import oil
from abroad. Pertamina imports 300,000 barrels of crude oil
daily for processing in its refineries.  Presently, the Company
needs IDR10.5 trillion to cover its fuel imports of 1.15 million
barrels per day in order to provide enough fuel supply
nationwide.

With the temporary shutdown of an oil refinery in Dumai, and the
rejection of its letters of credit by several banks, Pertamina
is in a tight position. The government, however, has agreed to
help the Company by disbursing IDR1.2 trillion monthly for oil
imports.


PERTAMINA: Inks Exclusive Rights Deal with LNG
----------------------------------------------
PT Pertamina and PT Medco E&P Tomori Sulawesi, owners of a gas
field in Senoro, Sulawesi, have signed an exclusivity agreement
with Liquefied Natural Gas (LNG) Limited, for exclusive rights
to 800 billion cubic feet of gas, reports Indoexchange News.

In the agreement, both firms will provide a daily supply of 120
million cubic feet of gas to LNG Ltd. for the next 20 years to
be used in LNG's production plant, with an annual production
capacity of 700,000 tons of LNG.

The exclusivity agreement would allow PT Pertamina and PT Medco
to engage in sales contracts and a definitive gas supply
agreement with LNG Ltd. However, the agreement is still pending
the approval of state Oil & Gas Upstream Regulatory Agency (BP
Migas).


=========
J A P A N
=========

55 STATION: Photo Chain Backs Rehab Scheme
------------------------------------------
Plaza Create Co. has decided to support the business turnaround
efforts of ailing photo-processing chain 55 Station Inc., Jiji
Press reports.

Plaza, which owns a photo shop chain comprising more than 900
outlets, plans to draw up a rehabilitation plan for 55 Station
by November.

55 Station, a unit of ailing supermarket group, Daiei Inc.,
filed for court protection from creditors in April, with
liabilities of some JPY12.7 billion.

CONTACT:

Daiei Inc.
4-1-1, Minatojima Nakamachi
Chuo-ku,
Kobe 650-0046, Japan
Phone: +81-78-302-5001
Fax: +81-3-3433-9226


JAPAN TOBACCO: To Handover Machinery Business to Tokyokoki
----------------------------------------------------------
Japan Tobacco Inc. (JT) announced on June 13 that JT Tohsi Inc.
(JTT), a testing machinery manufacturer and a subsidiary of JT,
have completed an agreement with Tokyokoki Seizosho Ltd. (TKS)
to handover JTT's testing machinery business to TKS.

JTT has manufactured and marketed various types of testing
machinery since its establishment in 1933. Consideration of the
growing competition within the industry led JTT to the decision
to handover its testing machinery business. TKS is now in the
process of enhancing its capabilities, which would enable the
effective adoption and promotion of JTT's resources including
its brands, technologies and expertise.

The handover, contingent on an official approval of JTT's
shareholders in its general meeting, is scheduled on November 1,
2005.

JT also made the decision to liquidate JTT after completion of
the handover, upon official approval by its board of directors
and shareholders in their upcoming It is expected that the
financial impact of this decision on the JT's consolidated
accounts will be minimal.

Summary of JT Tohsi

Name of the Company: JT Tohsi Inc.

Name of the Representative: Yoji Nakamura

Place of Business: 1-1-16, Toranomon, Minato-ku, Tokyo Japan

Established: October 20, 1933

Capital: 488 million yen (as of March 31, 2005)

Number of Issued Shares: 6,000,000 shares (as of March 31, 2005)

Shareholders' Equity: -58 million yen (as of March 31, 2005)

Type of Business: Development, manufacture and sales of testing
and measuring machinery

Number of Employees: 60 employees (as of March 31, 2005)

Total Amount of Assets: 1,661 million yen (as of March 31, 2005)

Major Share Holder: Japan Tobacco Inc.: 78.5%

Most Recent Business Results:

                         Millions of Yen
                   FY03/2003  FY03/2004   FY03/2005

Sales               1,945       1,321      1,407
Recurring Profit       53         -82        -13
Net Income             31         -77        -35

CONTACT:

Yukiko Seto
Associate General Manager
Media and Investor Relations
Japan Tobacco Inc.
2-1, Toranomon 2-chome, Minato-ku
Tokyo 105-8422 Japan
Phone: +81-3-5572-4292


MATSUSHITA ELECTRIC: Launches Blu-ray DVD Drive for PCs
-------------------------------------------------------
Matsushita Electric Industrial Co. is set to release new DVD
drives for personal computers in compliance with the Blu-ray
format, Kyodo News reports.

The Company will start commercial production of the drives next
year and may supply them to PC makers of the Blu-ray group such
as Dell Inc. and Hewlett-Packard Company.

Contacts:

Akira Kadota
International PR
Phone: +81-3-3578-1237
Fax: +81-3-5472-7608

Panasonic News Bureau
Phone: +81-3-3542-6205
Fax: +81-3-3542-9018


MITSUBISHI MOTORS: Ups Domestic Sales in 2004
---------------------------------------------
Mitsubishi Motors Corporation (MMC) increased its new vehicle
sales figures in Japan last year by selling about 10 percent to
dealers instead of consumers, Japan Times reports.

The scandal-ridden carmaker managed to clear its domestic sales
target of 220,000 in fiscal 2004 by selling about 227,000
vehicles. But nearly 20,000 of them are believed to have been
purchased by affiliated dealers, the sources said, raising the
possibility the sales target was not truly achieved.

A MMC spokesman denied the allegation.

The carmaker has been trying to restore customer confidence by
offering free checkups to owners of Mitsubishi vehicles after a
spate of recalls last year damaged its image.

CONTACT:

Mitsubishi Motors Corporation
2-16-4 Konan, Minato-ku
Tokyo, 108-8410, Japan
Phone: +81-3-6719-2111
Fax: +81-3-6719-0014
Web site: http://www.mitsubishi-motors.co.jp


NAGOYA RAILROAD: JCR Assigns BBB+ Rating
----------------------------------------
Japan Credit Rating Agency (JCR) has assigned a BBB+ rating to
the bonds to be issued under the shelf registration of Nagoya
Railroad Co. Limited.

Issue Amount (bn): Issue Date Due Date Coupon
JPY bonds no.34 JPY15 June 24, 2005 June 22, 2012 1.12%

Covenants: Negative Pledge
Commissioned Company: No
Shelf Registration: Maximum Valid
Y50 billion two years effective from August 6, 2004

RATIONALE:

Nagoya Railroad increased the pretax profit before extraordinary
items year-on-year for 6 years in a row with the progress of
restructuring for the group companies centering on leisure,
distribution and bus businesses. The leisure service business,
which had long been incurring operating loss, turned into the
black for the last fiscal year thanks to cost reductions and
shift of the operations from the parent to the group companies.
JCR considers that Nagoya Railroad has now almost completed its
financial restructuring process, given the one-time large
restructuring charges for the related businesses for fiscal 2002
and write-offs of fixed assets made in fiscal 2004.

Nagoya Railroad has achieved the numerical target for cutback on
the interest-bearing debt under the new mid-term management plan
ahead of schedule. With the capital spending related to Chubu
International Airport being dwindled, its financial structure is
expected to improve further. Issue for Nagoya Railroad is its
finishing up the restructuring for the group businesses during a
time in which the effects of railway line to the airport opened
in January this year persist.

CONTACT:

Nagoya Railroad Co Ltd
2-4 Meieki 1-Chome
Nakamura-Ku Nagoya 450-8501,
Aichi 450-8501
Japan
Web site: http://www.meitetsu.co.jp/


TAMANO CONSULTANTS: IRCJ Receives Debt Payment in Full
------------------------------------------------------
The Industrial Revitalization Committee of the Industrial
Revitalization Corporation of Japan (IRCJ) approved the receipt
of repayment in full for debt the IRCJ had purchased from
financial institutions as part of a business revitalization plan
for Tamano Consultants Co., Ltd. and associated companies
(Tamano Consultants).

The payment received by the IRCJ means that it no longer holds
any debt or other obligations of Tamano Consultants.

1. Name of company concerned
Tamano Consultants Co., Ltd.
Tamano Toshi Kaihatsu Co., Ltd.

2. Process to date

On December 24, 2004 the IRCJ approved an application for
assistance by Tamano Consultants under Article 22, Clause 3 of
the Industrial Revitalization Corporation Act of 2003. On
February 14, 2005, under Article 25, Clause 1 of the same act,
the IRCJ reached agreement with financial institutions on the
purchase of this company's debts.

On March 29, 2005, in accordance with the revitalization plan, a
capital increase was implemented through a third party
allocation of shares to sponsor Nippon Koei Co., Ltd., as a
result of which Tamano Consultants became a subsidiary of that
company. The business revitalization of Tamano Consultants is
continuing with the support of the sponsor.

3. Amount of debt

The principal value of Tamano Consultants' debt was �4,027
million. The IRCJ paid financial institutions JPY890 million for
the JPY3,217 million debt that remained after partial repayment
through the sale of collateral assets, etc. In accordance with
the business revitalization plan, JPY2,280 million of the
principal value of the debt was handled in a debt forgiveness
scheme.

The payment of JPY937 million received today means that the
amount of Tamano Consultants' debt owing to the IRCJ has now
been paid in full.

4. Comment from the state ministers in charge of the Industrial
Revitalization
Corporation of Japan

None expressed.

Note on comments from ministers: The IRCJ is a quasi-
governmental organization.

As such, the IRCJ is required to obtain comments about decisions
to assist private-sector companies from the three government
ministers in charge of the IRCJ.

For more information, please contact
Corporate Planning Department
The Industrial Revitalization Corporation of Japan
Tel: 03-6212-6437

About the IRCJ

The IRCJ was established jointly by the public and private
sector on April 16, 2003, with the aim of providing
revitalization assistance beneficial to both the industrial and
the financial sectors in Japan. It targets assistance at
companies that have sound business fundamentals but are unable
to thrive because of excessive debt levels or other factors. The
IRCJ has approximately 200 employees and is based in Tokyo. For
more information please visit www.ircj.co.jp


=========
K O R E A
=========

CHOHUNG BANK: 15 Employees Face Sanctions for Embezzlement
----------------------------------------------------------
The South Korean antitrust watchdog, Financial Supervisory
Service (FSS), decided to sanction 15 executives and employees
of Chohung Bank who were allegedly involved in an embezzlement
scamfrom November 2004 to March 2005, the Korea Times reports.

Chohung Bank filed a report last April against one of its
officials surnamed Kim, for allegedly embezzling KRW40 billion
in bank funds, investing the money in futures and options in a
securities house account under his own name and that of family
members. The 31-year-old official opened an account in another
bank under his sister's name, where he transferred up to KRW7
billion on 16 separate occasions.

The FSS had sent an investigation team to the bank and the
securities house to determine the alleged investment.

The supervisory agency also held a meeting to issue disciplinary
actions against five officials and ten employees of the bank,
together with 13 other management and lower-level employees who
were also deemed accountable.

Chohung Bank's president Choi Dong-soo and standing auditor Yoo
Jee-hong are also to be sanctioned for failure to prevent the
scam. The Financial Supervisory Commission is set to make a
final decision (on the disciplinary measures) on June 24.

CONTACT:

Chohung Bank
South Korea
E-mail:   zpwcho2@chohungbank.co.kr
Web site: http://www.chohungbank.co.kr/


HYNIX SEMICONDUCTOR: S&P Assigns 'B+' Rating
--------------------------------------------
Standard & Poor's Ratings Services assigned a 'B+' rating to
South Korean chipmaker Hynix Semiconductor Inc.'s (B+/Stable/--)
proposed Floating Rate Senior Notes due 2012, and Senior Notes
due 2015. The size of the issuances is expected to total USD750
million (KRW756.8 billion). The ratings on the senior unsecured
debt are subject to final documentation.

"The rating on Hynix reflects positive expectations for the
normalization of the company's operations following the early
end to the workout plan, in addition to its greatly improved
debt maturity profile upon refinancing of bank debt. Also, Hynix
has a solid position in the dynamic random access memory (DRAM)
industry and a good cost position," said Standard & Poor's
analyst Eun Jin Kim.

"However, these strengths are offset by the semiconductor
industry's extremely challenging operating environment:
specifically, the notoriously cyclical and capital-intensive
nature of the industry and severe pricing pressures,
particularly on commodity-like products like DRAM, from which
Hynix derives the bulk of its revenues," Ms. Kim added.

The highly cyclical nature of the semiconductor industry has
lead to volatile profitability and considerable fluctuations in
Hynix's credit protection measures. During the industry upturn
in 2004, the Company recorded exceptionally strong earnings,
with a parent-only EBITDA margin of 48.7% and return on capital
of 31.5%. Total debt to EBITDA also recorded a strong 0.6x. But
prior to 2003, Hynix recorded operating losses for three
consecutive years. As some softening in average selling prices
is expected this year, profitability margins and debt coverage
should see some deterioration. Margins will face further
pressures once operations normalize and sales, general &
administrative expenses rise to more reasonable levels.

Total debt stood at KRW1.8 trillion at the end of March 31,
2005 on a parent-only basis, of which almost KRWW1.7 trillion is
restructured debt, which was set to mature in the fourth quarter
of fiscal 2006 under the workout plan. Standard & Poor's assumes
that Hynix will be able to refinance the restructured debt
within the next six months. The newly issued debt and secured
bank loans are expected to have a tenor of five or more years,
thus significantly improving the Company's maturity schedule.

CONTACT:

Hynix Semiconductor Inc. (HIS)
891 Daechi-dong, Kangnam-gu,
Seoul, Korea
Phone: 82-2-3459-3470
Fax:   82-2-3459-5987/8
Web site: http://www.hynix.com


===============
M A L A Y S I A
===============

AKTIF LIFESTYLE: Auditors Issue Financial Report Qualification
--------------------------------------------------------------
Aktif Lifestyle Corporation Berhad announced that the Company's
external auditors, Messrs Ernst & Young, issued a qualification
on the Company's reissued audited financial statements for the
financial year ended Feb. 29, 2004.

According to Messrs Ernst & Young, the Company's financial
statements for the financial year ended Feb. 28, 2001 reflected
a liability write back for payable dividends. In the same
financial year, subsidiary Aktif Lifestyle Stores Sdn Berhad
(ALS) wrote back a liability for dividends worth MYR4,593,548,
payable to a former ALS shareholder.

The auditors have not obtained enough evidence to support the
appropriateness of this particular write back.

The details of the Auditors' Report addressed to the
Shareholders of the Company dated 2 June 2005, which had been
attached together with the reissued financial statements for the
year ended 29 February 2004 was released to Bursa Securities on
3 June 2005.

To view a copy of the Company's financial statements for the
year ended Feb. 29, 2004 and the financial effects of the
rectifications on such, click on:
http://bankrupt.com/misc/tcrap_aktiflifestyle2061305.pdf
http://bankrupt.com/misc/tcrap_aktiflifestyle1061305.xls

CONTACT:

Aktif Lifestyle Corporation Berhad
Level 10, Grand Seasons Avenue, No. 72,
Jalan Pahang, 53000 Kuala Lumpur
Malaysia
Phone: (60) 3 2693 1828
Fax:   (60) 3 2691 2798


ANCOM BERHAD: Repurchases More Shares
-------------------------------------
Ancom Berhad disclosed to the Bursa Malaysia Securities Berhad
the details of shares it had bought back on June 10, 2005.

Date of buy back: 10/06/2005

Description of shares purchased: Ordinary shares of MYR1.00 each

Total number of shares purchased (units):             30,500

Minimum price paid for each share purchased (MYR):      0.635

Maximum price paid for each share purchased (MYR):      0.650

Total consideration paid (MYR):

Number of shares purchased retained in treasury
(units): 30,500

Number of shares purchased which are proposed to be cancelled
(units):

Cumulative net outstanding treasury shares as at to-date
(units): 9,903,300

Adjusted issued capital after cancellation
(no. of shares) (units):

CONTACT:

Ancom Berhad
Level 14, Uptown 1
No. 1 Jalan SS21/58
Damansara Uptown
47400 Petaling Jaya
Selangor, Malaysia
Phone: 03-77252888
Fax:   03-77257791
Web site: http://www.ancom.com.my


BELL & ORDER: Unit Receives Seizure, Sale Order by Creditors
------------------------------------------------------------
Bell & Order Berhad announced that on June 3, 2005, Company
subsidiary Bell & Order Engineering Pte Ltd (BOE) was served a
writ of seizure & sale order by creditors Seow Boon Seng and
Globetinic Electronic Contractor (GEC) (through the Singapore
Subordinate Court) for SGD33,535.45 (MYR76.2 thousand). A
movable property worth SGD12,660 (MYR28.8 thousand) was also
seized from the Company premises.

The Singapore Subordinate Court has agreed to allow BOE to repay
the amounts within 7 days from the date of the notice (June 10,
2005). If by June 10, 2005 BOE cannot pay the amounts, the
property will be sold by public auction on a date to be decided
by the execution creditor.

CONTACT:

Bell & Order Berhad
28 & 30 Jalan Pjs 11/14
Bandar Sunway
Petaling Jaya 46150
Malaysia
Phone: 03 - 56336966
Fax:   03 - 56345081


BELL & ORDER: Resolves Defaults with Scheme of Arrangement
----------------------------------------------------------
Bell & Order Berhad announced that in relation to Practice Note
1/2001 of the Bursa Malaysia Securities Berhad Listing
Requirements, the Company has defaulted on interest payments and
payment of principal on its loans due to a substantial decline
in its businesses, which has affected its cash flow.

The Company has proposed a scheme of arrangement in order to
address its default in payments to financial institutions, and
will present the proposed scheme in a court-convened scheme
creditors' meeting to be held on June 17, 2005.

Pending approval of the scheme creditors, the proposed scheme of
arrangement is expected to regularize the Company's financial
condition.

To view the report on the details of the Company's proposed
scheme of arrangement, go to:
http://bankrupt.com/misc/tcrap_bell&order061305.doc


COMMERCE INTERNATIONAL: Set to List Additional Shares Today
-----------------------------------------------------------
Commerce International Merchant Bankers Berhad's additional
108,000 new ordinary shares of MYR1.00 each issued pursuant to
the Company's Executive Share Option Scheme will be granted
listing and quotation effective Tuesday, June 14, 2005, 9:00
a.m.

CONTACT:

Commerce International Merchant Bankers Berhad
10th Floor Bangunan CIMB
Jalan Semantan Damansara Heights
50490 Kuala Lumpur, Malaysia
Phone: 603 2084 8888
Fax:   603 2084 8899
Web site: http://www.cimb.com.my


PADIBERAS NASIONAL: Granted Listing of Extra Shares
---------------------------------------------------
Padiberas Nasional Berhad's additional 226,000 new ordinary
shares of MYR1.00 each issued pursuant to the Company's Employee
Share Option Scheme will be granted listing and quotation
effective Wednesday, June 15, 2005, 9:00 a.m.

CONTACT:

Padiberas Nasional Berhad
Level 8B, 10 & 19, CP Tower
No.11, Section 16/11, Jalan Damansara
46350 Petaling Jaya
Malaysia
Phone: 03-4604545
Fax:   03-4604646
Web site: http://www.bernas.com.my/


PANTAI HOLDINGS: Posts Shares Buy Back Notice
---------------------------------------------
Pantai Holdings Berhad disclosed the details of its shares buy
back on June 10, 2005 to the Bursa Malaysia Securities Berhad.

Date of buy back: 10/06/2005

Description of shares purchased: Ordinary shares of MYR1.00 each

Total number of shares purchased (units):            157,800

Minimum price paid for each share purchased (MYR):      0.970

Maximum price paid for each share purchased (MYR):      0.985

Total consideration paid (MYR):                  155,514.80

Number of shares purchased retained in treasury
(units): 157,800

Number of shares purchased which are proposed to be cancelled
(units):

Cumulative net outstanding treasury shares as at to-date
(units): 33,251,800

Adjusted issued capital after cancellation
(no. of shares) (units):

CONTACT:

Pantai Holdings Berhad
3rd Floor, Block B
Pantai Medical Center
No. 8 Jalan Bukit Pantai
59100 Kuala LumpurMalaysia
Phone: 03-22879822
Fax:   03-22873822
Web site: http://www.pantai.com.my/


=====================
P H I L I P P I N E S
=====================

BENPRES HOLDINGS: Mulls Disposal of Stakes in 3 Subsidiaries
------------------------------------------------------------
Debt-ridden Benpres Holdings Inc. is looking to reap at least
Php3 billion from the sale of its assets, Today News reports.

The holding firm said it will dispose of its stake in three
subsidiaries such as the Manila North Tollways Corporation
(MNTC), the Medical City and Bayantel Communications.

But Benpres president Angel Ong said that the firm can only sell
a third of its 67-percent holdings in MNTC within the next six
months to a year.

Four multinational firms, including Metro Pacific, have
reportedly signified their interest in Benpres' stake in MNTC.
The sale is expected to be completed within six months to one
year. Benpres expects to gain from its US$51-million investment
in the toll operator.

The MNTC was given the concession to maintain and finance the 84
kilometer-long North Luzon Expressway, which at US$371 million
is considered the biggest toll-road project in the country.

Meanwhile, a local telecommunications network hinted on plans to
buy Bayantel. Bayantel has been reportedly in talks with the
Philippine Long Distance and Telephone Co. (PLDT) a few years
back.

CONTACT:

Benpres Holdings Corporation
4/F, Benpres Building
Exchange Road corner Meralco Avenue
Ortigas Center, Pasig City
Phone No:  633-3368
Fax No:  634-3009
E-mail Address: jr_benpres@bayantel.com.ph
Web site:  http://www.benpres-holdings.com


CAMP JOHN: Three Groups Eye Ecozone
-----------------------------------
Two local firms and a foreign group have submitted proposals to
replace Camp John Hay Development Corp. (CJHDevCo) as operator
of Camp John Hay economic zone, relates The Philippine Daily
Inquirer.

But the three unnamed groups would need to undergo a new bidding
process to take over the CJHDevCo lease.

The Bases Conversion Development Corp. (BCDA) had terminated
CJHDevco's lease on April 30,2005 for "material breach of
contract" over more than Php2 billion in unpaid rent and taxes.
The developer, however, asked a regional trial court on Thursday
last week to decide whether a Supreme Court ruling that
nullified its tax benefits compelled the firm to pay the
government all of its back taxes.

The developer had asked the court for declaratory relief so it
could address billions of pesos worth of back taxes imposed by
the Bureau of Customs.

The BIR relied on the High Court's March 29 resolution, which
affirmed with finality the invalidation of John Hay's tax
protection.

The Supreme Court ruled that only Congress could grant tax
benefits to new economic zones created by the BCDA. It voided
John Hay's tax incentives, which former President Fidel Ramos
had prescribed in Presidential Proclamation 420.

CJHDevco sued BCDA before the Philippine Dispute Resolution
Center, for Php10 billion in damages due to the flaws in RA
7227, which compelled the High Court to nullify John Hay's tax
benefits.

But BCDA last week formally declined to submit to arbitration,
saying no dispute existed because the lease termination was
based on CJHDevco's refusal to pay its rent.

CONTACT:

Camp John Hay Dev. Corp.
Marketing Department
Loakan Road, Baguio City
Philippines 2600
Phone: (6374)442-7902 to 08
Fax:  (6374)442-5782
E-mail: cjhmanor@info.com.ph
Web site: http://www.campjohnhay.com/


COLLEGE ASSURANCE: No New Funds May Prompt SEC Takeover
-------------------------------------------------------
The corporate regulator is likely to take College Assurance
Plans (Philippines) Inc. (CAP) under its care if the ailing pre-
need firm fails to boost its capital, The Manila Times reveals.

The Securities and Exchange Commission (SEC) said it may be
forced to take over CAP's operations, as recommended by the
agency's oversight committee.

CAP has stayed mum on the results of its issuance of an asset
safekeeping receipt (ASKR) to its Liechtenstein-based investor,
International Global Capital Holdings Inc. (IGCH). The ASKR,
which indicates that the asset under question remains with the
named company, was issued to secure CAP's Metro Rail Transit
bonds, allowing the pre-need firm to receive from US$12.5
million to US$25 million in additional funds from IGCH.

CAP is insisting the commission granted it 15 to 30 days after
the ASKR was issued to produce the additional capital. After
approving the issuance of the ASKR last month, the SEC expects
the additional capital to be infused into CAP by this week.

The commission has already received complaints from CAP plan
holders asking how their plans would work out given the slow
pace of developments.

The pre-need firm presently has a trust fund of Php4.7 billion,
well below the minimum level of Php8 billion.

CONTACT:

College Assurance Plans Philippines Inc.
CAP I Building
126 Amorsolo cor. Herrera Streets
Legazpi Ville, Makati City
Malaysia
Phone: 817-6586, 759-2000
Fax: (0632) 818-0560


GREENSQUARE PROPERTIES: SEC Imposes Fine, Revokes Permit
--------------------------------------------------------
Greensquare Properties Inc. has been ordered pay over Php6
million in fines for failure to comply with the corporate
regulator's requirements, according to BusinessWorld.

The Securities and Exchange Commission (SEC) has directed the
firm, owned by businessman Romero Roxas, to pay the original
assessed penalty of Php6.04 million within 30 days from receipt
of the order.

The Philippine Star reported that the SEC earlier agreed to
lower the penalty to Php2 million, provided that Greensquare
would settle fines within five days from Jan. 24.

The firm had sought a reduction in the fine imposed by the SEC
in lieu of its plan to revive its planned initial public
offering (IPO).

But despite due notice and hearing Greensquare failed to submit
its revised prospectus and latest financial reports. The firm's
failure led to the imposition of the fines and the revocation of
its registration statement and certificate of permit to sell
securities.

Meanwhile, the firm and its sister company Green Circle, has
withdrawn their offer to invest in ailing pre-need firm College
Assurance Plans (Philippines) Inc. (CAP) due to the latter's
failure to renew its dealership license with the SEC.


NATIONAL POWER: Creditors Hold on to Masinloc
---------------------------------------------
Foreign creditors of National Power Corporation's (Napocor)
Php30.5-billion (US$560 million) Masinloc facility refuse to
release the plant to its new buyer, BusinessWorld relates.

The World Bank, Asian Development Bank and the Japan Bank are
hesitant to turn over the facility to Australia's YNN Pacific
Consortium Inc. The three major creditors doubt YNN's financial
standing and capability to make good its bed for Masinloc.

Masinloc's sale, which is expected to generate US$5561.7
million, has been previously criticized by lawmakers due to
questions of YNN's financial capacity.

But YNN defended that the bid was covered by a US$9-million
security, which the government could forfeit if YNN would fail
to post a US$11-million performance bond or pay the "upfront
fee" of about US$223 million (Php12.1 billion) upon the signing
of the contract.

The Power Sector Assets and Liabilities Management Corp.
(PSALM), the state agency tasked to handle Napocor's assets
sale, said it would work to transfer to 600-megawatt Masinloc
plant by the end of the year with creditors' consent.

Under the agreement with YNN, the government has 270 days from
the bid award and effectively of sale agreement to obtain the
consent of Napocor creditors.

YNN won the bidding for the Masinloc plant on December 3, 2004,
and was formally awarded the sale contract on March 2005.

Masinloc was auctioned to YNN as a "merchant" plant, or without
any power supply contracts.

CONTACT:

National Power Corporation
Quezon Ave., East Triangle, Diliman
Quezon City, Metro Manila, Philippines
Phone: +63-2921-3541
Fax:   +63-2921-2468
Web site: http://www.napocor.gov.ph/


NATIONAL POWER: ADB Clears Position on Masinloc Sale
----------------------------------------------------
The Asian Development Bank (ADB) has clarified it has no
particular position on the sale of the National Power
Corporation's (Napocor) Masinloc coal-fired power plant to
Australia's YNN Pacific Consortium, Inc., according to
BusinessWorld.

"We have not taken any position. We don't agree or disagree at
all because it is all the government's decision and
responsibility," ADB Director for Infrastructure Division of
Southeast Asia Department Patrick Giraud said.

Foreign creditors of state-run Napocor are reportedly
questioning YNN's financial capability to make good its US$561-
million bid for the plant. These creditors reportedly include
the World Bank, ADB, and the Japan Bank for International
Cooperation.

Mr. Giraud said the evaluation of the Masinloc sale would be
discussed in a board meeting in July.

"As of now, we are happy that the privatization is pushing
through, and that is ADB's concern as creditor to Napocor," he
said.


NITOKA INDUSTRIAL: Faces Smuggling, Tax Evasion Raps
----------------------------------------------------
Resin importer Nitoka Industrial Corp. is facing a smuggling
complaint and tax evasion suit by the government, Today News
reports.

The Department of Finance (DOF) and the Bureau if Internal
Revenue (BIR), which filed tax evasion charges against Nitoka in
May, has lodged another case against the Company for smuggling.

The two government agencies alleged that Nitoka used sister firm
Pine River International Corp. in smuggling resin.

Besides smuggling, the government said Pine River may also face
tax-evasion charges after it was discovered that the company
imported a substantial quantity of resins in 2002 and 2003,
without paying the necessary taxes. The Company, however, ceased
to operate in 2004.

Nitoka was also found to have imported substantial amount of
resins and similarly failed to declare and pay income taxes also
in 2002 and 2003.

In a Securities and Exchange Commission registration, Nitoka
declared that its main business is manufacturing, assembling and
reconditioning of industrial sewing-machine equipment and
machinery.


=================
S I N G A P O R E
=================

CHANGHE INTERNATIONAL: Court Schedules Winding Up Hearing July 1
----------------------------------------------------------------
Notice is hereby given that a petition for the winding up of
Changhe International Investments Pte Ltd (formerly known as
Druidstone Pte Ltd) by the High Court was, on the 26th day of
May 2005, presented by Dexia Bil Asia Singapore Limited
(formerly known as Banque Internationale A Luxembourg Bil (Asia)
Ltd), a creditor.

The petition is directed to be heard before the Court sitting at
the High Court of Singapore at 10.00 a.m. in the forenoon, on
July 1, 2005.

Any creditor or contributory of the company desiring to support
or oppose the making of an order on the petition may appear at
the time of hearing by himself or his counsel for that purpose.

A copy of the petition will be furnished to any creditor or
contributory of the company requiring the copy of the petition
by the undersigned on payment of the regulated charge for the
same.

The Petitioner's address is at 9 Raffles Place, #42-01 Republic
Plaza, Singapore 048619.

The Petitioner's solicitors are Messrs Shook Lin & Bok of 1
Robinson Road, #18-00 AIA Tower, Singapore 048542.

Messrs Shook Lin & Bok
Solicitors for the Petitioner

Note:

Any person who intends to appear on the hearing of the petition
must serve on or send by post to the Petitioner's solicitors,
notice in writing of his intention to do so.

The notice must state the name and address of the person, or if
a firm, the name and address of the firm, and must be signed by
the person, firm, or his or their solicitors (if any) and must
be served, or, if posted, must be sent by post in sufficient
time to reach the abovenamed not later than 12 o'clock noon of
June 30, 2005 (the day before the day appointed for the hearing
of the petition).


CHINA AVIATION (S): Former Chief Posts SG$2-Mln Bail
----------------------------------------------------
China Aviation Oil (Singapore) Corp. Ltd. chief executive was
temporarily released from jail after posting SG$2-million bail,
China Daily relates.

Chen Julin walked out of the Queenstown Remand Prison late
Friday and has gone home.  Mr. Chen is prohibited to leave the
country and is ordered to report to the police's white-collar
crime agency Commercial Affairs Department every weekday.

Mr. Chen was charged with 15 counts of cheating and forgery
following the release of PricewaterhouseCoopers findings. He was
also accused of conspiring with CAO's Singaporean finance head,
Peter Lim to cheat Deutsche Bank of more than $111 million, and
of forging the signature of CAO chairman Jia Changbin.

According to China Daily Mr. Chen was also with deliberately
omitting from CAO's financial statements the fact the firm had
racked up losses in derivatives trading, and with hiding the
truth from the board of directors.

CAO's collapse is considered the biggest scandal to hit
Singapore since the collapse of British Merchant Bank Barings in
1995 after Nick Leeson tried to hide over US$1 billion in losses
from derivatives trading.

CONTACT:

China Aviation Oil (S) Corp.
Phone: (65)6334 8979
Fax: (65)6333 5283
Web site: http://www.caosco.com/


CLIFFORD GALLERIES: Proofs of Debt Due August 10
------------------------------------------------
Clifford Galleries Pte Ltd (In Compulsory Liquidation) of 27
Cantonment Road Singapore 089745 posted at the Government
Gazette, Electronic Edition a notice of intended dividend with
the followind details.

Court: The High Court of Singapore

Number of matter: No. 267 of 1993

Last day for receiving proof: 10th August 2005

Name of and address of liquidators:

John Thong How Ley and Lim Jen Howe
27 Cantonment Road
Singapore 089745


HEALTH MANNA: Court to Hear Wind-up Petition July 1
---------------------------------------------------
Notice is hereby given that a petition for the winding up of
Health Manna Pte. Ltd. by the High Court was, on May 10, 2005
presented by Yeo Chye Poh Keith, of No. 34 Blandford Drive,
Singapore 559827.

The petition is to be heard before the Court sitting at
Singapore at 10.00 o'clock in the forenoon, on July 1, 2005.

Any creditor or contributory of the company desiring to support
or oppose the making of an order on the petition may appear at
the time of hearing by himself or his counsel for that purpose.

A copy of the petition will be furnished to any creditor or
contributory of the company requiring the copy of the petition
by the undersigned on payment of the regulated charge for the
same.

The Petitioner's address is at No. 34 Blandford Drive, Singapore
559827.

The Petitioner's Solicitors are Messrs S Gunaseelan & Partners,
of 101 Cecil Street, #08-01 Tong Eng Building, Singapore 069533.

S Gunaseelan & Partners
Solicitors for the abovenamed Petitioner

Note:

Any person who intends to appear on the hearing of the petition
must serve on or send by post to the abovenamed Messrs S
Gunaseelan & Partners, a notice in writing of his intention to
do so.

The notice must state the name and address of the person or if a
firm, the name and address of the firm, and must be signed by
the person or firm, or his or their solicitor (if any) and must
be served, or if posted, must be sent by post in sufficient time
to reach the abovenamed not later than twelve noon of June 30,
2005 (the day before the day appointed for the hearing of the
petition).


JAYA HOLDINGS: Updates Transaction with Sime Darby
--------------------------------------------------
Further to our previous announcements on the subject matter, the
Directors of Jaya Holdings Ltd informed the Singapore Stock
Exchange (SGX) that additional transactions (excluding
transactions below $100,000) with the Sime Darby Bhd Group in
the month of May 2005 amounted to $1,253,070.

The aggregate value of transactions with the Sime Darby Bhd
Group in the current financial year has now amounted to
$9,600,936 representing 4.7% of the Group's latest audited net
tangible assets.

The Audit Committee had reviewed the transactions and is
satisfied that the transactions were entered into on arm's
length commercial terms and were not prejudicial to the
interests of the shareholders of the Group.

Saved as disclosed, none of the directors and substantial
shareholders has any interest in the aforesaid transactions
between the parties.

By Order of the Board

Shirley Lim
Company Secretary

CONTACT:

Jaya Holdings Limited
13 Tuas Crescent
Singapore 638707
Telephone: 65 62651010
Fax: 65 68645555
Web site: http://www.jayaholdings.com


JAYA HOLDINGS: New Contracts Won't Affect Financial Results
-----------------------------------------------------------
With reference to Jaya Holdings Ltd's announcement made to the
Singapore Stock Exchange (SGX) on June 8, 2005 that it had
secured two shipbuilding contracts worth a total of over US$58
million, the Directors clarified that these contracts are not
expected to have any financial effect on the Group's results for
the current financial year ending June 30, 2005 and that none of
the Directors and substantial shareholders of the Company has
any interest, direct or indirect, in the above transactions.

By Order of the Board

Shirley Lim
Company Secretary


LOGIC AUTOMATION: Winding Up Hearing Set for July 1
---------------------------------------------------
Notice is hereby given that a Petition for the Winding Up of
Logic Automation (S) Pte. Ltd. by the High Court was on the 17th
day of May 2005, presented by A-Logic Pte. Ltd. (RC No.
200307282R), a company incorporated in Singapore, and having its
registered office at 28 Sin Ming Drive #01-187, Singapore
575702, a creditor.

The said Petition is to be heard before the Court sitting at
Singapore at 10:00 o'clock in the forenoon, on Friday, July 1,
2005.

Any creditor or contributory of the said Company desiring to
support or oppose the making of an order on the said Petition
may appear at the time of hearing by himself or his counsel for
that purpose.

A copy of the Petition will be furnished to any creditor or
contributory of the said Company requiring the same by the
undersigned on payment of the regulated charge for the same.

The Petitioner's registered address is at 28 Sin Ming Drive #01-
187, Singapore 575702.

The Petitioner's solicitor is Margaret Neo Kee Heng, of Hoh Law
Corporation, 110 Middle Road, #09-00 Chiat Hong Building,
Singapore 188968.

Messrs Hoh Law Corporation
Solicitors for the Petitioner

Note:

Any person who intends to appear at the hearing of the said
Petition must serve on or send by post to the abovenamed Hoh Law
Corporation, notice in writing of his intention to do so.

The notice must state the name and address of the person, or, if
a firm, the name and address of the firm, and must be signed by
the person or firm, or his or their solicitors (if any) and must
be served, or, if posted must be sent by post in sufficient time
to reach the abovenamed not later than 12 o'clock noon of June
30, 2005 (the day before the day appointed for the hearing of
the Petition).


WANT WANT HOLDINGS: Clarifies Profit Guidance Report
----------------------------------------------------
Want Want Holdings Ltd issued to the Singapore Stock Exchange
(SGX) a clarification on the report by Reuters published in the
Business Times dated June 10, 2005.

The Board of Directors clarified that the Company did not
provide any specific profit guidance that there would be a 31
percent increase in profit for the year ending December 31,
2005.

As disclosed in our result announcement for the First quarter
ended March 31, 2005 the Company stated under the Prospect
Statement that it believes that its performance would improve
this year.

CONTACT:

Want Want Holdings Ltd
400 Orchard Road #17-05
Orchard Towers
Singapore 238875
Telephone: 65 62251588
Fax: 65 62211588
Web site: http://www.want-want.com


WEE POH: SGX-ST OKs Listing, Quotation of Compensation Shares
-------------------------------------------------------------
Further to the announcement made on February 7, 2005 the
Directors of Wee Poh Holdings Limited advised that the Singapore
Exchange Securities Trading Limited (SGX-ST) has on June 10,
2005 given its in-principle approval for the Company's
application for the listing and quotation of the Compensation
Shares.

The in-principle approval of the SGX-ST is not an indication of
the merits of the Disposal.

The Company will make further announcements on the Disposal as
appropriate in due course.

By Order of the Board
10 June 2005
CONTACT:

Wee Poh Holdings Limited
213 Upper Thomson Road
Singapore 574348
Telephone: 65 64521210
Fax: 65 64536310
Web site: http://www.weepoh.com.sg


===============
T H A I L A N D
===============

CHRISTIANI & NIELSEN: Wraps Up Rehabilitation Plan
--------------------------------------------------
CN Advisory Co. Ltd. as the Plan Administrator of Christiani &
Nielsen (Thai) PCL  (the Company) informed the Stock Exchange of
Thailand (SET) that the rehabilitation plan dated January 15,
2003 (amended as per petition approved by Creditor's Meeting and
the Bankruptcy Court) of the Company has been completed
successfully.

As such, the Total Assets of Christiani & Nielsen (Thai) PCL are
now higher than its Total Liabilities.

The Board of Directors Meeting Number 3/2548 of CN Advisory Co.
Ltd. (the Plan Administrator) held on 10 June 2005 resolved the
Company to file a petition to the Bankruptcy Court to revoke the
rehabilitation of the Company.

Please be informed accordingly.

Yours faithfully,
Mr. Sarunthorn Chutima
Mr. Danuch Yontararak
CN Advisory Company Limited
As Plan Administrator of
Christiani & Nielsen (Thai) Public Company Limited

CONTACT:

Christiani & Nielsen (Thai) Pcl
50/670 Soi Sukhumvit 105,
Sukhumvit Rd, Bang Na,
Phra Khanong Bangkok
Telephone: 0-2398-0158
Fax: 0-2398-9860
Web site: http://www/cn-thai.co.th


DON MUANG: Debt-Restructuring Deal Hits Snag
--------------------------------------------
The THB10 billion debt-restructuring deal for Don Muang Tollway
Public Company Limited hits a roadblock after the Government
Savings Bank (GSB) refused to accept a write-down on its loans,
reports Bangkok Post.

GSB seeks for a clear directive from the Finance Ministry, which
oversees the GSB, if a write-down is to be accepted.  The
directive would have implications for the GSB.  The state bank
as a matter of policy does not accept debt write-downs.

Under a proposed debt-restructuring plan, creditors would accept
a "haircut" or write-down of 22% on the total debt and also
consider reductions in accrued interest of THB1.49 billion.
Details on the timing and scope of the reductions are still
being negotiated.

Don Muang outstanding loan to GSB amounts to THB3.94 billion.
Aside from GSB, banks like TMB Bank, Siam City Bank, Krung Thai
Bank, Siam Commercial Bank and BankThai also has an exposure to
Don Muang.

The government policy to have Don Muang Tollway reduce its fares
to encourage use of the route and thus ease traffic congestion
along Vibhandi Rangsit Road complicates the discussion.

Authorities want fares to be maintained at the current THB20 for
short trips and THB30 for the entire stretch for at least five
years, compared with previous tolls of THB43 to THB53. After
five years, tolls could be increased by another THB10, with Don
Muang Tollway also being granted an eight-year extension on its
concession under the restructuring plan.

Creditors and the Finance Ministry officials are planning to
meet Monday to finalize details of the plan.

In the event the restructuring plan would not be finalized, Don
Muang would most likely raise rates as permitted under its
concession and seek recourse through arbitration.

Previously, Don Muang has filed claims for THB15 billion in
damages, citing contract violations by the government in
building local roads to compete on the route, failure to
transfer land near Don Muang Airport and damages incurred
following state orders to cut fares to current rates.

Negotiators have also proposed to offer a possible upside gain
through an option to swap debt for equity as an incentive to
creditors to accept the restructuring.

CONTACT:

Don Muang Tollway Public Co. Ltd.
40/40 Viphavadi Rangsit Road,
Don Muang, Bangkok 10210
Telephone: 0-2973-3436-41
Web site: http://www.tollway.co.th/home.html


HANTEX: Seeks Extension for Submission of FS
--------------------------------------------
Pursuant to the request of Hantex Public Company Limited to
submit its financial statement for the period ending March 31,
2005, the company advised the Stock Exchange of Thailand (SET)
that the Securities and Exchange Commission (SEC) has approved
its request as per the letter from SEC dated June 6.

However, the Company would like to postpone the submission of
the statements for the first quarter as the Company's management
consulted with the new external Auditor and believed that the
company should carefully prepare the financial statements prior
to releasing them to the public.

In particular with reference to the notices mentioned by last
years Auditor, including awaiting reports from the two
independent appraisal firms which is expected to be completed by
end of June 30, 2005, so that the company can establish proper
value of our assets to provide sufficient provisions on the
book.

Based on the above reasons, the Company would like to postpone
submission of the statements from June 10, to within July the
29.

Please be informed accordingly

CONTACT:

Hantex Public Company Limited
Ocean Tower 1, Floor 4,
170/9-10 Rajadapisek Road,
Khlong Toei Bangkok
Telephone: 0-2261-2814-20, 0-2261-2824-26
Fax: 0-2261-2822


HANTEX: Halts Production Facility
---------------------------------
Hantex Public Company Limited informed the Stock Exchange of
Thailand (SET) that the company has temporarily closed down
production facility as the company is in the process of
restructuring debts and undertaking maintenance works, and
readjusting the whole organization.

The tasks are expected to be completed and production would
resume by July 1, 2005.

Please be informed accordingly.

Yours sincerely,
Mr. Monchai Pongstabadee
Director


PAE THAILAND: Major Shareholder Sells Stakes
--------------------------------------------
PAE (Thailand) Plc. held a board of directors meeting on June 9,
2005 at the Company's meeting room at 2:40 p.m. Khun Kobsak
Chinawongwatana as the President and chairman of the meeting
informed the BOD that Free Internet Co. as the major stakeholder
in PAE, had sold their ordinary shares of 26 million shares to
new investors.

The purpose of the sale was to repay debt to their financial
institutions and for the working capital in the business, hence,
it would be necessary for the current BOD to call the
Extraordinary shareholders meeting and to report the change in
the major share structure, also to appoint additional directors.

The BOD agreed to have the extraordinary shareholders meeting on
Thursday, July 14, 2005 at Radisson Hotel, Rama 9 road, the time
is at 10:00 am. The agenda will be as follows:

(1) Review and approve the Minute of 2005 annual shareholders
meeting held on April 25, 2005

(2) To appoint additional directors to the board.

(3) Others business

BOD concurred to set the date of closing Company accounts on 24
June 24, 2005 at 12:00 p.m. until the conclusion of the
Extraordinary Shareholders Meeting.

Please be informed accordingly.

Sincerely Yours,
Soradej Choothesa
Director of Finance & Accounting

CONTACT:

PAE (Thailand) Pcl
69 Sinakharin Road, Suan Luang, Bangkok
Telephone: 0-2322-0222
Fax: 0-2322-2970-1
Web site: http://www.pae.co.th



BOND PRICING: For the Week 13 June to 17 June 2005
--------------------------------------------------

Issuer                              Coupon     Maturity   Price
------                              ------     --------   -----


AUSTRALIA
---------

Advantage Group                      10.000%     4/15/06    1
Ainsworth Game                        8.000%    12/31/09    1
Amcom Telecommunications Ltd         10.000%    10/28/07    2
APN News & Media Ltd                  7.250%    10/31/08    5
A&R Whitcoulls Group                  9.500%    12/15/10    9
Arrow Energy NL                      10.000%     3/31/08    1
Austral Coal                          9.500%    10/01/06    1
BIL Finance Ltd                       8.000%    10/15/07    8
BIL Finance Ltd                       8.750%    10/15/05    9
BIL Finance Ltd                       9.250%    10/15/06    8
Capital Properties NZ Ltd             8.500%     4/15/07    8
Capital Properties NZ Ltd             8.500%     4/15/09    8
CBH Resources                         9.500%    12/16/09    1
Chrome Corporation Ltd               10.000%     2/28/08    1
Djerriwarrh Investments Ltd           6.500%     9/30/09    4
Evans & Tate Ltd                      8.250%    10/29/07    1
Fletcher Building Ltd                 7.550%     3/15/11    8
Fletcher Building Ltd                 7.800%     3/15/09    8
Fletcher Building Ltd                 7.900%    10/31/06    8
Fletcher Building Ltd                 8.300%    10/31/06    8
Fletcher Building Ltd                 8.600%     3/15/08    8
Fletcher Building Ltd                 8.750%     3/15/06    8
Fletcher Building Ltd                 8.850%     3/15/10    8
Fernz Corp Ltd                        8.560%    10/15/06    8
Futuris Corporation Ltd               7.000%    12/31/07    2
GPS Online Ltd                       10.000%     6/30/06    1
Gympie Gold Ltd                       8.500%     9/30/07    1
Hy-Fi Securities Ltd                  7.000%     8/15/08    8
Hy-Fi Securities Ltd                  8.750%     8/15/08   10
Hudson Timber Products Ltd            7.000%    12/31/10    1
Hutchison Telecoms Australia          5.500%     7/12/07    1
Infrastructure & Utilities NZ Ltd     8.500%     9/15/13    8
Kagara Zinc Ltd                       9.750%     5/06/07    1
Nuplex Industries Ltd                 9.300%     9/15/07    8
Pacific Print Group Ltd              10.250%    10/15/09   10
Primelife Corporation                 9.500%    12/08/06    1
Primelife Corporation                10.000%     1/31/08    1
Prime Infrastructure                  8.500%     2/28/49    9
Prime Infrastructure                  8.500%    12/31/49    9
Salomon SB Australia                  4.250%     2/01/09    8
Sapphire Securities Ltd               7.410%     9/20/35    7
Sapphire Securities Ltd               9.160%     9/20/35    9
Sapphire Securities Ltd               9.250%    12/20/06    9
Sherlock Bay Nickel                  12.000%     9/01/07    1
Silver Chef Ltd                      10.000%     8/31/08    1
Sky Network Television Ltd            9.300%    10/29/49    8
Software of Excellence                7.000%     8/09/07    1
Strathfield Group                    11.000%    12/31/05    1
Sunshine Gas Company Ltd             12.000%     9/30/06    1
Sydney Gas Company                   12.000%     4/01/06    1
Tower Finance Ltd                     8.650%    10/15/09    8
Tower Finance Ltd                     8.750%    10/15/07    8
TrustPower Ltd                        8.300%     9/15/07    8
TrustPower Ltd                        8.300%    12/15/08    8
TrustPower Ltd                        8.500%     9/15/12    8
TrustPower Ltd                         8.500%      3/15/14    8
Urbus Properties Ltd                   9.250%      3/10/07    1
Vision Systems Ltd                     9.000%     12/15/08    2

KOREA
-----

Korea Electric Power                   7.950%      4/01/96   50


MALAYSIA
--------

Aliran Ihsan Resources Bhd             5.000%     11/29/11    1
Asian Pac Holdings Bhd                 4.000%     12/22/05    1
Artwright Holdings Bhd                 5.500%      3/06/07    1
Berjaya Group Bhd                      5.000%     10/17/09    1
Berjaya Land Bhd                       5.000%     12/30/09    1
Berjaya Sports Toto Bhd                8.000%      8/04/12    4
Camerlin Group Bhd                     5.500%      7/15/07    1
Crescendo Corporation Bhd              3.000%      8/25/07    1
Dataprep Holdings Bhd                  4.000%      8/05/05    1
Dataprep Holdings Bhd                  4.000%      8/06/07    1
Denko Industrial Corporation Bhd       5.000%      3/15/07    1
Eden Enterprises (M) Bhd               2.500%     12/02/07    1
Fountain View Development Sdn Bhd      3.500%     11/03/06    1
Furqan Business Organization           2.000%     12/19/05    1
Greatpac Holdings Bhd                  2.000%     12/11/08    1
Gula Perak Bhd                         6.000%      4/23/08    1
Hong Leong Industries Bhd              4.000%      6/28/07    1
Huat Lai Resources Bhd                 5.000%      3/28/10    1
I-Berhad                               5.000%      4/30/07    1
Insas Bhd                              8.000%      4/19/09    1
Integrax Bhd                           3.000%     12/24/05    1
Kamdar Group Bhd                       3.000      11/09/09    1
Killinghall Bhd                        5.000%      4/13/09    1
Kretam Holdings Bhd                    1.000%      8/10/10    1
Kumpulan Jetson                        5.000%     11/27/12    1
LBS Bina Group Bhd                     4.000%     12/29/06    1
LBS Bina Group Bhd                     4.000%     12/31/07    1
LBS Bina Group Bhd                     4.000%     12/31/08    1
LBS Bina Group Bhd                     4.000%     12/31/09    1
Lebar Daun Bhd                         2.000%      1/06/07    5
Lion Diversified Holdings Bhd          2.000%      6/01/09    1
Media Prima Bhd                        2.000%      7/18/08    1
Mithril Bhd                            3.000%      4/05/12    1
Mithril Bhd                            8.000%      4/05/09    1
Mutiara Goodyear Development Bhd       2.500%      1/15/07    1
Naim Indah Corporation Bhd             0.500%      8/24/06    1
Nam Fatt Corporation Bhd               2.000%      6/24/11    1
Pantai Holdings Bhd                    5.000%      3/28/07    1
Pantai Holdings Bhd                    5.000%      7/31/07    1
Patimas Computers Bhd                  6.000%      2/19/06    1
Poh Kong Holdings                      3.000%      1/20/07    1
Prinsiptek Corporation Bhd             2.000%     11/20/06    1
Puncak Niaga Holdings Bhd              2.500%     11/18/16    1
Ramunia Holdings                       1.000%     12/20/07    1
Rashid Hussain Bhd                     0.500%     12/24/12    1
Rashid Hussain Bhd                     1.500%      6/30/07   75
Rashid Hussain Bhd                     3.000%     12/24/12    1
Rhythm Consolidated Bhd                5.000%     12/17/08    1
Silver Bird Group Bhd                  1.000%      2/15/09    1
Southern Steel                         5.500%      7/31/08    2
Tanah Emas Corporation Bhd             2.000%     12/09/06    1
Talam Corporation Bhd                  7.000%      7/19/05    1
Talam Corporation Bhd                  7.000%      4/19/06    1
Tap Resources Bhd                      2.000%      6/29/06    1
Tenaga Nasional Bhd                    3.050%      5/10/09    1
Time Engineering Bhd                   2.000%     12/25/05    1
VTI Vintage Bhd                        4.000%      8/22/06    1
WCT Land Bhd                           3.000%      8/02/09    1
Wah Seong Corp                         3.000%      5/21/12    3


SINGAPORE
---------

Sengkang Mall                          8.000%     11/20/12    1
Structural System Singapore           11.000%      6/30/07    1
Tampines Assets Ltd                    5.625%     12/07/06    1
Tincel Properties (Private) Ltd        5.000%      6/13/11    1
Tincel Properties (Private) Ltd        7.400%      6/13/11    1




                            *********


S U B S C R I P T I O N  I N F O R M A T I O N

Troubled Company Reporter -- Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ
USA, and Beard Group, Inc., Frederick, Maryland USA. Lyndsey
Resnick, Ma. Cristina Pernites-Lao, Faith Marie Bacatan, Reiza
Dejito and Erica Fernando, Editors.

Copyright 2005.  All rights reserved.  ISSN: 1520-9482.

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                 *** End of Transmission ***